Answer:
Income summary has a $208,630 credit balance before being closed
Explanation:
The closing entries should be:
Dr Service revenue 257,000
Cr Income summary 257,000
Dr Income summary 48,370
Cr Rent expense 10,700
Cr Utility expense 4,200
Cr Salary expense 19,200
Cr Depreciation expense 9,700
Cr Advertising expense 4,570
Income summary
Debit Credit
<u>18,370 257,000</u>
208,630
In order to close income summary:
Dr Income summary 208,630
Cr Retained earnings 208,630
If you want to close dividends:
Dr Retained earnings 18,700
Cr Dividends 18,700
Answer:
markup pricing.
Explanation:
Markup pricing can be regarded as cost-plus pricing which is pricing strategy that involves addition of cost of the products as well as percentage of the cost of product as a markup to calculate the price of a product/service.the company decides
percentage or markup . It should be noted that The practice of setting price by increasing the marginal cost of production by some percentage is referred to markup pricing.
Answer:
d. A fixed price of $2200/month.
Explanation:
A landlord is an owner of the house or property which is rented to a person called Tenant on lease or rent. The landlord in the question is renting an apartment. He has 3 Potential Tenants who are willing to rent his property. The greatest revenue will be generated if the apartment is rent out to the second tenant who is willing to pay $3000 per month. The revenue of the landlord will maximize if he uses option D to rent out his apartment. A fixed price of $2200 will generate greatest revenue.
Answer:
a. Increase both an asset and capital stock.
Issuance of common stock increases the cash as assets and common stock as a capital stock.
b. Increase both an asset and a liability.
Supplies purchased on account increases the Inventory as an asset and Increases the payable as a liabilities.
c. Increase one asset and decrease another asset.
Maturity of an Investment in debt instrument, Increases the cash as an asset and decreases the investment as another asset.
d. Decrease both a liability and an asset.
Payment to supplier decrease the account payable as a liabilities and cash as an asset.
e. Increase both an asset and retained earnings.
Cash Sales Increases the cash as an asset and Net profit as a retained earning.
f. Decrease both an asset and retained earnings.
Sales return decreases the account receivable as an asset and net profit as a retained earning.
Answer:
What would be the impact on January 1, 2015, the date of the sale?
The following journal entries should be made to register the sale:
January 1, 2015: 2 cars are sold
- Dr Cost of Goods Sold 37,000
- Cr Merchandise Inventory 37,000
- Dr Accounts Receivable 50,000
- Cr Sales Revenue 50,000
On January 30, 2015 Outback Subaru Limited received payment in full from the town for the cars. What would be the impact of this transaction on this date?
The following journal entry should be made to register the payment:
January 30, 2015: the local government paid the cars
- Dr Cash 50,000
- Cr Accounts Receivable 50,000
